Peoples Natural Gas lays off 36 after $720 million EQT pipeline deal closes

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Peoples Natural Gas laid off 36 former Equitable Gas employees after finalization today of a $740 million sale of EQT Corp.’s pipeline business.

The employees, based on the North Shore, were upper- and middle-management employees whose responsibilities overlapped as a result of the sale, Peoples spokesman Barry Kukovich said.

Peoples Natural Gas, based in Pittsburgh, gave severance packages to all employees and is paying for 12 months of outplacement services.

After the layoffs, Peoples inherited 173 union employees and 135 salaried employees from EQT, also headquartered in Pittsburgh, and those employees will remain on the North Shore.

The sale, which cleared its final regulatory hurdle last month, ends EQT’s legacy as a utility company. The sale includes a $720 million base price and a $20 million initial purchase price adjustment.

Michael Sanserino: or 412-263-1722. Twitter: @msanserino.

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